Broker: UOB Kay Hian
Date of Report: 30 April 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Stock: CapitaLand Investment (CLI SP)
- Action: BUY (Maintained)
- Target Price: S\$3.93 (Lowered from S\$4.05)
- Key Points:
- CLI’s fee-related revenue grew 10% year-on-year to S\$310m in 1Q26, driven by strong growth in private and listed funds management.
- Management is targeting double-digit fee revenue growth for 2026 but guides for single-digit operating earnings growth, citing China exposure, soft ADR, and fundraising challenges as near-term risks.
- Singapore is the only bright spot, while China remains a drag due to weak occupancy and rentals.
- The company maintains a minimum dividend per share (DPS) of S\$0.12 for 2026, which implies a 4.3% yield at the current price.
- Despite a recent share price rebound, CLI remains a laggard compared to peers, mainly due to its high China exposure and the challenging outlook there.
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